shareholders’ equity. (4) Low cost source of funds on loan from financial institution upon the Company’s capital base is adequate for loan support due to interest rate is lower than expected investment return

gross profit margin and long-term shareholders’ equity. (4) Low cost source of funds on loan from financial institution upon the Company’s capital base is adequate for loan support due to interest rate is

control to increase gross profit margin and long-term shareholders’ equity. (4) Low cost source of funds on loan from financial institution upon the Company’s capital base is adequate for loan support due

cost as the company had purchased raw water from private source as well as the rising of depreciation and amortization by 8.49 million Baht from the amortized assets under concession agreements. Major

has a higher inventory and Current Portion of loans receivables from purchases accounts receivables increase. Source of Fund and Capital Structure The Company’s source of fund was divided to share

million baht. 6. Source of fund for asset acquired. The company‟s cash flow and/or Promissory Note amount 40 millions. 7. Criteria to determine the Value of Consideration. The company has decided to hire

Baht) 317 (~9,820 Million Baht) 363 (~11,245 Million Baht) *As the Acquired Businesses/Assets are carved out from the Seller’s total businesses ** Source of information – Based on Financial Report from

source 71.93 61.31 10.62 17.33 Deposits 1.04 0.85 0.19 22.18 Deferred tax assets 0.07 0.67 0.03 4.92 Total non-current assets 498.65 489.65 9.00 1.84 Total assets 1,279.32 1,149.76 129.57 11.27 Liabilities

. 3.6 Rationale and necessity of the transaction The CAF Project requires considerable amount of water. The source of raw water is necessary to prevent the risk of water shortage during the manufacturing

! 1: U ;#6 @A. " TCR B Argentina Source: Deutsche Bank TCR B Mexico • B A(d 2003 N+( aVEMEXc * A(+ 20-35% *A(* - AB A3 / A(/ /N" 2 • I&&-% &' TCR & #% % 290 * ". $ / - 197 * ". ETF 85 * ". /*# 8